05/14/15

Today the Governor released the May Revision budget update.  His budget estimates an additional $6.7 billion in revenues above the January proposal, $5.5 billion of which will go to K-12 and community colleges under Proposition 98.  This increases the Proposition 98 minimum guarantee by $241 million in 2013-14, $3.1 billion in 2014-15, and $2.7 billion in 2015-16, for revised minimum guarantee levels of $58.9 billion, $66.3 billion, and $68.4 billion respectively.  The Proposition 98 maintenance factor is reduced to $722 million.